BlockFi Review – The All in One Crypto Banking Service Trying to Overthrow Traditional Finance
- What is BlockFi?
- How does BlockFi work?
- How much does BlockFi cost?
- BlockFi features
- Who is BlockFi best for?
- Who shouldn’t use BlockFi?
- Pros & Cons
- BlockFi vs. Nexo vs Celsius
- The bottom line
What is BlockFi?
How does BlockFi work?
How much does BlockFi cost?
BlockFi interest account
Bitcoin Rewards credit card
Who is BlockFi best for?
Who shouldn’t use BlockFi?
Non-believers of digital finance
Pros & Cons
- Heavy Institutional Backing. BlockFi is considered the only independent lender with investors like Galaxy Digital, Fidelity, SoFi, Coinbase Ventures, Valar Ventures, and more. It also has heavy support from the founders of the Gemini Exchange - the Winklevoss twins, founder of Morgan Creek Digital Anthony Pompliano, amongst other significant figures in the crypto space. BlockFi also recently completed a $350M Series D at a $3B valuation which further shuts down any doubters, especially after having a $50M Series C at a $450M valuation last year.
- High Interest Rates. BlockFi has interest rates of up to 8.6% APY on your digital assets, which is a groundbreaking percentage for a savings account. The BlockFi interest rates put the typical bank savings accounts to shame.
- Mobile and Desktop Friendly. A common issue many platforms run into with adoption is the fact that most limit you to having to be at a computer to be used to its fullest potential. With BlockFi, it is possible to only use the mobile app and get the exact same experience as a desktop user.
- A small variety of coins to earn interest. For a platform that is wanting to be the center of all crypto banking, the catalog of coins available is rather weak. BlockFi only has five cryptocurrencies that are supported for interest-earning-- Bitcoin, Ethereum, Litecoin, Chainlink, and PAX Gold. This is very likely disappointing for many and needs to be worked on to truly draw the eyes of most crypto fanatics.
- Impromptu change of interest rate percentages. There is no denying that the interest rates of BlockFi crush what we see in traditional finance, but with the uptick in the cryptocurrency hype, BlockFi has been changing the interest rate tiers for some of the assets with basically no notice. Not long ago they changed the Bitcoin interest rate so that it is split into tiers and if you have 1 Bitcoin or greater, you earn less than you did before.
- Slower interest payments compared to competitors. BlockFi interest accounts accrue interest daily, but it is paid out monthly, while other competitors have been paying out interest weekly and some even daily. This slow form of interest payment is likely putting BlockFi behind much of the competition considering investors on competing platforms can take their money out and interest rewards in a significantly quicker timeframe.
BlockFi vs. Nexo vs Celsius
|Platform||Interest Rates||Cryptocurrencies Supported||Lowest Loan APR||Interest Payout Time Frame||Withdrawal Fees|
|BlockFi||Up to 8.6%||5+ Cryptocurrencies / 5+ Stablecoins||4.5%||Monthly||1 free crypto withdrawal a month / 1 free stablecoin per month|
|Nexo||Up to 12%||11+ Cryptocurrencies / 6+ Stablecoins||5.9%||Daily||Up to 5 Free withdraws a month|
|Celsius||Up to 17.78%||27+ Cryptocurrencies / 12+ Stablecoins||1%||Weekly||None|
The bottom line
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